Group 1: Report Summary - The report is a daily research report on cotton and cotton yarn in the agricultural products industry, dated November 10, 2024 [1] Group 2: Market Information Futures Market - CF01 contract closed at 13,580 with no change, trading volume increased by 45,473 to 204,378, and open interest decreased by 6,107 to 570,172 [2] - CF05 contract closed at 13,580, down 10, trading volume increased by 35,272 to 69,837, and open interest decreased by 1,544 to 256,824 [2] - CF09 contract closed at 13,755, up 10, trading volume increased by 469 to 832, and open interest increased by 143 to 4,253 [2] - CY01 contract closed at 19,865, up 15, trading volume increased by 3,722 to 14,472, and open interest decreased by 75 to 24,967 [2] - CY05 contract closed at 19,860, up 40, trading volume increased by 2 to 4, and open interest remained at 28 [2] - CY09 contract closed at 20,075 with no change, trading volume and open interest remained at 0 and 4 respectively [2] Spot Market - CCIndex3128B was priced at 14,844 yuan/ton, up 24; CY IndexC32S was 20,520 yuan/ton with no change [2] - Cot A was 75.85 cents/pound, FCY IndexC33S was 21,202 yuan/ton, down 15 [2] - (FC Index):M: arrival price was 74.79, down 0.63; Indian S - 6 was 55,800 yuan/ton with no change [2] - Polyester staple fiber was 7,450 yuan/ton, up 70; pure polyester yarn T32S was 10,950 yuan/ton with no change [2] - Viscose staple fiber was 12,950 yuan/ton with no change; viscose yarn R30S was 17,250 yuan/ton with no change [2] Spread - Cotton inter - month spreads: 1 - 5 month spread was 0, up 10; 5 - 9 month spread was - 175, down 20; 9 - 1 month spread was 175, up 10 [2] - Cotton yarn inter - month spreads: 1 - 5 month spread was 5, down 25; 5 - 9 month spread was - 215, up 40; 9 - 1 month spread was 210, down 15 [2] - Cross - variety spreads: CY01 - CF01 was 6,285, up 15; CY05 - CF05 was 6,280, up 50; CY09 - CF09 was 6,320, down 10 [2] - Domestic - foreign spreads: 1% tariff domestic - foreign cotton spread was 1,574, up 105; sliding - scale domestic - foreign cotton spread was 707, up 61; domestic - foreign yarn spread was - 682, up 15 [2] Group 3: Market News and Views Cotton Market - On November 10, 2025, the Xinjiang cotton road transport price index was 0.1827 yuan/ton·km, remaining flat. Transport demand decreased slightly, and capacity resources also decreased [4] - On November 9, 2024, the Xinjiang machine - picked cotton purchase index was 6.25 yuan/kg, remaining flat; the hand - picked cotton purchase index was 6.94 yuan/kg, down 0.01 yuan/kg. The machine - picked cotton purchase price in Kashgar has been falling, and the overall purchase may end in about 10 days [4] - As of the week ending November 7, 2025, the cumulative inspection volume of US upland cotton + Pima cotton was 963,100 tons, accounting for 30.7% of the estimated US cotton production for the 2025/26 season, 22% slower year - on - year. Upland cotton inspection volume was 948,500 tons, with a progress of 33.73%, down 23% year - on - year; Pima cotton inspection volume was 14,600 tons, with a progress of 22%, down 51% year - on - year [4] Trading Logic - In November, with the large - scale listing of new cotton, there may be selling hedging pressure. Although this year's cotton production is a bumper harvest, the expected increase may be less than previously thought. The market has entered the off - season after the peak season. Considering the optimistic results of recent Sino - US trade negotiations, cotton is expected to be slightly stronger in the short term [5] Trading Strategy - Unilateral: US cotton is expected to fluctuate, and Zhengzhou cotton is expected to be slightly stronger [6] - Arbitrage: Wait and see [7] - Options: Wait and see [7] Cotton Yarn Industry - Last Friday night, Zhengzhou cotton continued to fluctuate. Over the weekend, the pure cotton yarn market had little change in trading, with mainly rigid demand. Spinners were reluctant to lower prices due to macro - level benefits and relatively low inventory, and some yarn prices even increased slightly. The supply pressure of new cotton is still high, and the situation of Zhengzhou cotton and terminal demand needs to be monitored [7] - Recently, the grey fabric market has improved. The price of all - cotton grey fabric has increased slightly, but it may decline if cotton prices fall again. Dyeing factories are not busy, with an order backlog of 7 - 10 days [8] Group 4: Options Option Contracts - On November 10, 2025, for the option contract CF601C13400.CZC, the underlying contract price was 13,580, the closing price was 240, down 5.5%, IV was 7.7%, Delta was 0.7228, Gamma was 0.0010, Vega was 12.9673, Theta was - 2.2310, theoretical leverage was 56.5833, and actual leverage was 40.8984 [10] - For the option contract CF601P13000.CZC, the closing price was 20, up 1900%, IV was 10.9%, Delta was - 0.0930, Gamma was 0.0004, Vega was 6.9517, Theta was - 1.6288, theoretical leverage was 679.0000, and actual leverage was 63.1470 [10] - For the option contract CF601P12400.CZC, the closing price was 6, up 500%, IV was 15.2%, Delta was - 0.0247, Gamma was 0.0001, Vega was 2.4170, Theta was - 0.7719, theoretical leverage was 2263.3333, and actual leverage was 55.9043 [10] Volatility - On November 10, 2025, the 30 - day HV of cotton was 7.0401, slightly lower than the previous day. The implied volatilities of CF601 - C - 13400, CF601 - P - 13000, and CF601 - P - 12400 were 7.7%, 10.9%, and 15.2% respectively [10] Option Strategy - The PCR of the main contract of Zhengzhou cotton was 0.7040, and the volume PCR was 0.5921. Both call and put trading volumes increased. The option strategy is to wait and see [11][12]

Group 1: Market Information - The closing prices, price changes, trading volumes, and open interest of cotton and cotton yarn futures contracts are presented, including CF01, CF05, CF09, CY01, CY05, and CY09 contracts [3]. - The spot prices and price changes of various cotton and cotton yarn products are provided, such as CCIndex3128B, CY IndexC32S, Cot A, etc. [3]. - The price differences between different contracts and varieties are shown, including cotton inter - period spreads, cotton yarn inter - period spreads, and cross - variety spreads [3]. Group 2: Market News and Views Cotton Market News - In 2025, China's cotton planting area is 44.823 million mu, a year - on - year increase of 1.8%. The expected total output is 7.278 million tons, a year - on - year increase of 9.2%, with an upward adjustment of 62,000 tons from the previous period. Xinjiang's output is 6.972 million tons, a year - on - year increase of 10.1% [6]. - As of September 30, 2025, the national cotton picking progress is 5.1%, 0.4 percentage points faster than the same period last year; the delivery progress is 1.8%, 0.3 percentage points faster than the same period last year; the average purchase price of cottonseed by cotton farmers is 6.3 yuan/kg, a year - on - year decrease of 4.1% [6]. - The spot price of new cotton in inland warehouses for the 2025/26 season is temporarily stable. The sales basis of a large number of 2025/26 Aksu hand - picked 3130/30B/less than 1.5% impurity is around CF01 + 1800 for inland self - pick - up [6]. Trading Logic - During the festival, as new cotton enters the acquisition stage, the market focus shifts to the opening price of new cotton. This year, the output of Xinjiang cotton is high, and the enthusiasm of ginning factories for acquisition is average. There is no large - scale scramble for acquisition. The expected selling hedging pressure on the futures market will increase as new cotton is massively listed. The peak season demand in the market is average, and its boosting effect on the futures market is limited [7]. Trading Strategy - For the single - side strategy, it is expected that the future trend of US cotton will mostly be in a range - bound pattern, and Zhengzhou cotton is also expected to fluctuate [8]. - For the arbitrage strategy, it is recommended to wait and see [8]. - For the options strategy, it is recommended to wait and see [8]. Cotton Yarn Industry News - Affected by positive domestic macro - policy signals and the expectation of further interest rate cuts by the Federal Reserve this year, Zhengzhou cotton has slightly recovered in a volatile manner. The price of pure cotton yarn is generally stable, with some manufacturers offering price promotions. The market trading atmosphere is tepid, and the inventory of spinning mills has increased. The impact of the implementation of favorable policies and the easing of Sino - US trade relations on downstream demand needs to be further monitored [8]. - The overall trading in the all - cotton grey fabric market is light, with stable quotations. Most weaving factories still report that orders in October are discontinuous, and they remain cautious about the future. Both finished product inventory and raw material inventory are maintained according to the September strategy. There is no improvement in export orders [10]. Group 3: Options - The implied volatilities of CF601C13400.CZC, CF601P13000.CZC, and CF601P12400.CZC are 9.3%, 10.9%, and 13.9% respectively. The 120 - day historical volatility of cotton is 8.4519, slightly lower than the previous day [11]. - The PCR of the main contract of Zhengzhou cotton is 0.7661, and the volume PCR is 0.8549. The trading volumes of both call and put options have increased [12]. - The options strategy is to wait and see [8][13] Group 4: Related Attachments - The report includes multiple charts, such as the 1% tariff - based price difference between domestic and international cotton markets, the basis of cotton in January, May, and September, the price difference between CY05 and CF05, and the price difference between CY01 and CF01 [14][15][16]